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Do I need to file ITR if my income is less than 250000?
So based on income criteria, a person is required to file his ITR if his income from all the sources during a financial year exceeds the amount of basic exemption limit. The basic exemption limit is Rs. 2.50 lakh for those below 60 years and is Rs. 3 lakhs for those between 60 and 80 years of age.
Is it mandatory to file ITR for individual?
An individual is obligated to file an ITR in the prescribed form if his/her gross taxable income [calculated before eligible exemption available for long-term capital gains on listed securities upto Rs 1 lakh and other deductions under Chapter VI-A of the Act] during a particular FY exceeds the maximum amount not …
Who has to file ITR compulsorily?
It is mandatory to file the income tax returns online for all the registered taxpayers whose taxable income. However, paper returns can be filed by those who are above 80 years of age and do not have any income from regular business or profession.
Can only CA file ITR?
Taking Assistance of a Chartered Accountant :In cases of simple filing where audit requirement is not mandated one can himself file his tax return. But where certain documents require legal authentication or audit is required their comes a need of assistance of a legal professional either CA/CS.
Do I have to file tax return if made less than 5000?
—You may make a Short-form Return on Form 1040 if your income was less than $5,000, by using the tax table on the form and tearing off pages 3 and 4. —You must make a Long-form Return on Form 1040 if your income was $5,000 or more or if you claim deductions amounting to more than 10 percent of your income.
What is the compulsory return of income?
Mandatory Filing Your gross total income (before allowing any deductions under section 80C to 80U) exceeds Rs 2.5 lakhs in FY 2018-19. This limit is Rs 3 lakh for senior citizens (aged above 60 but less than 80) or Rs 5 lakhs for super senior citizens (aged above 80).